The Fed has already told us it expects that inside the next 12 months or two, the fed funds fee will exceed 2.25 %. So the yield on two-year Treasurys has more than tripled since Dec. 31, rising to about 2.45 p.c from 0.73 percent. Because costs move in the other way from rates of interest, the value of Treasurys has plummeted.
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